City Council Regular Meeting
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Old Business   Item #: B.
Personal Property Tax on Aircraft Increase Effective January 1, 2023.
The Public Hearing for the proposed increase in personal property tax on aircraft was scheduled to be held on June 7, 2022.
The Fiscal Year 2023 City Council Introductory Budget contains a recommendation for an increase in personal property tax on aircraft from $0.30 per $100 of assessed value to $0.69 per $100 of assessed value. This increase is estimated to provide an additional $28,450 in annual revenue.
Danville's personal property tax rate on aircraft is currently undervalued compared to other nearby small rural airports, as identified above. Tax rates on aircraft are considerably greater at other regional airports since Danville's rate has not been increased in twenty years. Additional revenue is needed to support the local cost requirement to build additional hangars.
It is recommended that Council approves the attached ordinance increasing the personal property tax rate on aircraft.
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